Singapore's Senjo acquires Lithuanian startup to gain access to EU markets
05 May 2017 | 4288 views | 0
Global payment operator and financial technology investor headquartered in Singapore “Senjo Group” continues its acquisitions in Europe.
One of the holding’s most recent investment - JSC “Finolita Unio”, which has a payment institution license issued by the Bank of Lithuania. The Supervisory Authority of the Bank of Lithuania has decided not to oppose the “Senjo Group Pte Ltd.” by acquiring 100 percent of company’s shares.
Attorney-at-law at the international law firm ECOVIS ProventusLaw, which is specializing in financial services law and represented ”Senjo Group“ in the transaction, IngaKarulaitytė-Kvainauskienė says that “Senjo Group” coming to Lithuania is not only a merit of an ECOVIS International. This indicates successful efforts from Lthuania to make the country a financial technology (Fintech) business centre.
“Favourable approach of the regulator to the coming of new financial institutions, favourable legal environment, developed infrastructure is what attracts an increasing number of global Fintech players to Lithuania. Although the company mainly focuses on non-Lithuanian market, but their establishment in our country increase payment options choices for local users and reduces services costs”, - indicates attorney-at-law Iinga Karulaitytė-Kvainauskienė.
UAB “Finolita Unio” can carry out all payment and payment account related transactions, direct debits, payment cards operations and provide other payment services.
“Senjo Group” is a global holding company, specializing in payment services and financial technology. Holding owns 19 companies all around the world. Corporation HQ is located in Singapore and it has branches in Japan, China, Indonesia, Malaysia, Thailand, India, United Kingdom, Luxembourg and the United States. “Senjo Group” is known as a new type of Fintech investment group and its package includes a range of financial technology and payment institutions.
“Senjo Group” has recently acquired a payment company Kalix Group in UK. According to experts, the transaction value can reach up to 35.5 million euros.
International ECOVIS Group is operating in 65 countries. In Lithuania it is represented by the law firm ECOVIS ProventusLaw, which use its extensive international contacts to attract the world known Fintech sector companies.
Attorney-at-law Inga Karulaitytė-Kvainauskienė notes that at present Lithuania is undoubtedly one of the most attractive Fintech jurisdictions in Europe. “This creates conditions for us, taking advantage of the international network ECOVIS customer base and experience, successfully compete with other jurisdictions and to convince international financial companies to choose Lithuania for their European operations. We are planning to publish more famous names in the financial sector coming to Lithuania soon”, - says attorney-at-law Inga Karulaitytė-Kvainauskienė.